State-run Romanian Black Sea shipyard Santierul Naval Constanta expects to cut losses this year and to upgrade facilities to make it more attractive ahead of its sell-off, an official said. "Declining traffic in the Constanta Port last year, mainly due to the Yugoslav conflict, has affected our 1999 results," Dan Mocanu, head of the shipyard's privatization department, said. He said the shipyard had losses of $21.9 million last year, but revived port activity was expected to trim these to $7.8 million by end-2000. "We are expecting increased activity, with more vessels to be repaired and new ones built this year, to cushion part of last year's losses," he said. Mocanu said the yard, which repairs about 200 ships a year, was expected this year to sign a contract worth about $19 million with Germany's Ferrostaal Essen and another $12 million contract with Thyssen-Krupp group. The shipyard has a share capital of around $10.3 million and company officials say it needs an annual $50 million in contracts to operate profitably.
Offshore oil driller Global Marine Inc. announced that first quarter earnings fell sharply compared with the same period of 1999, but showed signs of stabilization after a steady decline in earnings since mid-1998. After a restructuring charge, net income fell to $12.6 million from $36.8 million in the first quarter of 1999. Its earnings were more or less steady with the final quarter of last year. Revenues totaled $204 million compared to $228 million in the comparable period last year
Newport News Shipbuilding reported net earnings of $20 million, or $.58 per diluted share for the third quarter of 1999. Earnings before interest and taxes (EBIT) for the quarter were $47 million, up 9 percent from EBIT of $43 million in the same period last year. NNS posted third quarter revenues of $451 million versus $462 million in the third quarter last year.
Arab Shipbuilding and Repair Yard Company (Asry) said that it expected net operating income to reach about $135 million by the end of this year, compared to $111 million last year. The board praised the notable improvement in sales and net profit after depreciation till the end of October, which is estimated at $11.5 million, an 88 percent increase over the net profit for the same period last year of $6.1 million.
Houma, La.-based Gulf Island Fabrication reported steady earnings and higher revenue recently. The company’s net income during the quarter that ended Sept. 30 was $10m, the same amount it earned for the period one year ago. On a diluted per share basis, Gulf Island earned 70 cents in the recent quarter, compared with 72 cents last year. However, Gulf Island reported revenue for the recent quarter was $124.9m, up from $89.7m last year.
According to a report from Ebeling Heffernan, China Shipbuilding Industry Co. (CSIC), the country’s northern shipbuilding giant, said its net profit last year rose 7.28% to about $246b. Due to a recovery in the Global shipbuilding market and a rise in orders, shipbuilding business has increased business 38.17% from the same period last year, it said. (SourceL Ebeling Heffernan)
Shares of Neptune Orient Lines Ltd (NOL) slumped as much as 6.8 percent on Monday morning after it said it expects to book a profit for the full year but that the results would be much lower than the previous year. The world's sixth largest container ship operator fell to a 17-month low of S$1.08 before crawling back to S$1.11, down $0.05 in moderate trade of more than two million shares. The Singapore Exchange had suspended the stock after its president and CEO Flemming Jacobs warned of
Import cargo volume at the nation’s major retail container ports is expected to be up nine percent in December over the same month last year, and 2010 should end with a 17 percent increase over last year, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates. “The nation’s improving economy has been reflected in the amount of merchandise imported by retailers this year
U.S. ports continued to post positive tonnage numbers in October. The Seaway’s year-to-date total cargo shipments from March 22 to October 31 were 29 million metric tons, up 2 percent from the same period last year. “With just two months left in the 2011 navigation season, the Seaway is on track to meet its projected seven percent improvement over last year’s tonnage performance,” says Rebecca Spruill
U.S. ports continued to post positive tonnage numbers in November. The Seaway’s 2011 year-to-date total cargo shipments from March 22 to November 30 were 33 million metric tons, up 1.23 percent from the same period last year. “With only one of the big three commodities, coal, bettering last year’s pace by 22,000 metric tons, the year-to-date performance of other bulk commodities like petroleum products (up 80 percent), salt (up 32 percent)
Marine electronics specialist Maris AS has completed an ECDIS (electronic chart data information systems) technical training program to enhance support services covering North America and the Caribbean. The initiative is part of its commitment to the global distribution and service agreement with
Average global freight rates have fallen to a 15-month low, according to Drewry’s new online Container Freight Rate Insight. Drewry’s Global Freight Rate Index fell 12% in April to reach its lowest level since February 2012, when container shipping was still recovering from the last
Shipments of coal on the Great Lakes totaled 2.2 million tons in April, a virtual tie with a year ago. The trade was 19 percent below the month’s five-year average, however. Shipments from Lake Superior ports totaled 1.4 million tons, a slight increase from a year ago
The Stifel Logistics Confidence Index continued its downward trend in May as it fell for the second consecutive month. Compiled by Transport Intelligence, the overall index, which combines the current situation with future expectations, was down 0.8 points from April to 50.7 in May and was 1
AVEVA announced that the AVEVA World Summit 2013 is being held from October 30 to November 1 in Boston, Massachusetts, U.S. Customers from across the world’s process plant, power and marine industries are invited to the Summit
Royal Boskalis Westminster N.V. (Boskalis) say that developments in first quarter 2013 to date are in line with expectations. In their latest trading update Boskalis show: · Revenue higher than in the same period last year
The search for an Australian couple who went overboard Wednesday from the Carnival Spirit cruise ship has been called off, the Associated Press reported. The passengers, identified as Paul Rossington, 30, and Kristen Schroder, 26, went overboard in the waters off New South Wales, Australia
The Operation Commander of the EU Naval Force, Rear Admiral Bob Tarrant, has issued a renewed warning that Somali pirates are still determined to get out to sea and, if presented with an easy target, will attack. “I am very concerned that seafarers and nations will lower their guard and
Import volume at the nation’s major retail container ports is expected to increase 3.3% in May over the same month last year but growth could trickle to a standstill by the end of the summer, according to the monthly Global Port Tracker report released today by the National Retail Federation
At 32.8 million tons, total seaborne cargo throughput for the first three months of 2013 put the Port of Hamburg back on a growth course. The trend in bulk cargo handling, especially, fuelled the increase in seaborne cargo handling: In the first quarter of the year a total of 10
Martek Marine said that shipping companies are putting themselves at risk of facing corporate manslaughter charges if they do not carry an adequate number of maintained and certified gas detectors. European Marine Equipment Directive (MED) approval is a legal requirement for equipment aboard EU
International classification society Bureau Veritas has issued its annual group global Activity Report and its separate Marine and Offshore Business Review. The Bureau Veritas 2012 Activity Report provides a global picture of the group's performance and key achievements in 2012 and highlights
Heavy ice cover on the lakes that stretched well into April slowed resumption of the limestone trade. Shipments totaled only 1.8 million tons, a decrease of 28% compared to a year ago. Loadings are 21% off the month’s five-year average.
It’s more of a Downward Slope for Maritime, Transportation, and Energy Programs You are not alone if you are bewildered by the talk in Washington about “sequester,” “continuing resolution”, “fiscal cliff,” “budget resolutions
Keppel FELS delivered a second KFELS B Class jackup rig to offshore Mexican oil field services company, Integradora de Servicios Petroleros Oro Negro. Named Laurus at Keppel FELS today, the rig was delivered eleven days early and with a perfect safety record, Keppel noted.